Zacks Research Comments on Ameriprise Financial, Inc.’s Q3 2023 Earnings (NYSE:AMP)

Posted by Defense World Staff on Sep 7th, 2023

Ameriprise Financial, Inc. (NYSE:AMP – Free Report) – Analysts at Zacks Research cut their Q3 2023 earnings per share (EPS) estimates for Ameriprise Financial in a research note issued on Tuesday, September 5th. Zacks Research analyst S. Shah now forecasts that the financial services provider will earn $6.04 per share for the quarter, down from their previous forecast of $6.08. The consensus estimate for Ameriprise Financial’s current full-year earnings is $29.94 per share. Zacks Research also issued estimates for Ameriprise Financial’s Q4 2023 earnings at $7.83 EPS, Q1 2024 earnings at $7.61 EPS, Q2 2024 earnings at $8.10 EPS, Q3 2024 earnings at $7.84 EPS, Q1 2025 earnings at $8.18 EPS and Q2 2025 earnings at $8.47 EPS.

Several other equities analysts have also issued reports on the company. StockNews.com started coverage on Ameriprise Financial in a report on Thursday, August 17th. They issued a “hold” rating for the company. Royal Bank of Canada raised their target price on Ameriprise Financial from $385.00 to $410.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 1st. Finally, Morgan Stanley raised their target price on Ameriprise Financial from $350.00 to $360.00 and gave the stock an “equal weight” rating in a research report on Friday, August 18th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Ameriprise Financial has a consensus rating of “Hold” and an average price target of $358.22.

Check Out Our Latest Analysis on AMP

Ameriprise Financial Stock Performance

AMP stock opened at $339.71 on Wednesday. The firm has a market cap of $34.86 billion, a PE ratio of 15.96, a P/E/G ratio of 0.65 and a beta of 1.48. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.43. The business has a 50 day moving average of $341.27 and a 200-day moving average of $320.72. Ameriprise Financial has a 12-month low of $249.35 and a 12-month high of $358.02.

Ameriprise Financial (NYSE:AMP – Get Free Report) last released its earnings results on Thursday, July 27th. The financial services provider reported $7.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.29 by $0.15. The company had revenue of $3.88 billion during the quarter, compared to analyst estimates of $3.81 billion. Ameriprise Financial had a return on equity of 82.23% and a net margin of 15.94%. Ameriprise Financial’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period in the prior year, the company posted $5.81 earnings per share.

Ameriprise Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 18th. Stockholders of record on Monday, August 7th were issued a $1.35 dividend. This is a positive change from Ameriprise Financial’s previous quarterly dividend of $0.10. This represents a $5.40 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date was Friday, August 4th. Ameriprise Financial’s dividend payout ratio (DPR) is presently 25.36%.

Ameriprise Financial declared that its board has approved a stock buyback program on Wednesday, July 26th that authorizes the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 9.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity at Ameriprise Financial

In related news, CFO Walter Stanley Berman sold 13,042 shares of Ameriprise Financial stock in a transaction on Friday, August 4th. The stock was sold at an average price of $351.55, for a total transaction of $4,584,915.10. Following the completion of the sale, the chief financial officer now owns 8,048 shares of the company’s stock, valued at $2,829,274.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Walter Stanley Berman sold 13,042 shares of Ameriprise Financial stock in a transaction on Friday, August 4th. The stock was sold at an average price of $351.55, for a total transaction of $4,584,915.10. Following the completion of the sale, the chief financial officer now owns 8,048 shares of the company’s stock, valued at $2,829,274.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO James M. Cracchiolo sold 9,616 shares of Ameriprise Financial stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $354.00, for a total value of $3,404,064.00. Following the sale, the chief executive officer now directly owns 157,103 shares of the company’s stock, valued at approximately $55,614,462. The disclosure for this sale can be found here. 0.73% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ameriprise Financial

Hedge funds have recently added to or reduced their stakes in the company. OLD Mission Capital LLC bought a new stake in Ameriprise Financial during the fourth quarter worth about $25,000. Graham Capital Wealth Management LLC bought a new stake in Ameriprise Financial during the first quarter worth about $254,395,000. Dark Forest Capital Management LP purchased a new position in shares of Ameriprise Financial in the fourth quarter worth about $27,000. Financial Freedom LLC purchased a new position in shares of Ameriprise Financial in the fourth quarter worth about $27,000. Finally, Delta Asset Management LLC TN purchased a new position in shares of Ameriprise Financial in the fourth quarter worth about $31,000. Institutional investors own 82.62% of the company’s stock.

About Ameriprise Financial

(Get Free Report)

Ameriprise Financial, Inc, through its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.